A recent publication suggests that around 70% of customer relationship management projects are failing. However, it is also around 8 times more expensive to acquire a new customer than to retain an existing one. Clearly relationships with customers are important, particularly when facing a potential economic slowdown.

Companies who have successfully implemented CRM solutions have found very positive benefits from being able to manage their customer relationships on a more personalised basis.

So how do those companies who use CRM effectively get it right? What are the key considerations in developing a CRM strategy, and are there any obvious pitfalls to be avoided?